Hi all, hope your weekend is going great!
I just created an account today after some heavy reading of this and many other subreddits. I think this is the best place for this post.
As the title says, I'm exiting active duty in just over a year, and am a little overwhelmed planning my transition.
I recently started online classes for a bachelors in computer science in Kansas City, where I'm from. In the future, I want to move to a bigger city. With the exception of a few large companies, there doesn't seem to be much of a tech scene in Kansas City. And while I love home, I feel moving to a larger city provides me better opportunities.
The most straightforward transition is go back to KC, finish my degree, then move somewhere new; I'm considering moving straight to a new city instead.
I really like Chicago and Seattle. While different, the tech scenes seem to be much bigger in both cities.
Since the Post 9/11 GI bill pays (on top of tuition)housing based on the zip code of the university, adding in some part-time work, I'm confident I can cover bills/housing. A quick google looks like about $2,500 for Seattle, and $2,000 for Chicago. I don't mind living in a studio apartment in either city, as it's just me, and I'm a huge minimalist. One catch is that I don't get money during breaks, such as holiday break or summer, but working extra hours and saving some extra money easily solves that problem.
Regardless of where I end up, I plan to attend a university where I can take advantage of the GI bill, yellow ribbon program and pell grants. I also plan to work enough to stay income-positive during my schooling.
Here's my current financial situation:
- 22y/o E-4, single male, no children or pets, paid-off car and no debt
- $6600 IRA (contributing $500 a month)
- $7100 TSP (military 401(k), contributing $280 monthly with additional 5% salary matching)
- $4,000 Robinhood account (no additional contributions currently, tech-heavy portfolio)
- $4,100 savings (contributing $850 a month now, fixing bad spending habits)
All things considered, I believe I am in a good spot. I'm just overwhelmed at the affects of making this choice. By the time I get out, my total investments will be over $29,000, and cash savings will be at $15,000. So I am trying to decide what the best decision is long-term. After that wall of text, I've got a few questions:
- Does this make sense financially, to do now? Or would it be better to finish my degree, then move? My worry here would be graduating in a city with a high (relatively) COL and not being able to find a job.
- What are the best things I can be doing a year out? I am attending TAPS and Informed Decision seminars, which are classes mandated by Congress to help transiting service members. I'm also working on classes with Tuition Assistance, and saving/investing a large percentage of my income. I'm also doing programming courses on the side (such as CS50), and brushing up my math skills.
- Is there another option you'd recommend? I have the time to plan a great transition, and I don't want to ruin it.
- Lastly, is there anything I'm overlooking? I went straight from a failing college after high school, into active duty, so the military is all I've ever known.
Please let me know if I need to expand/clarify anything. Y'all ROCK and this subreddit has been a huge help in my life, thank you for any help you can all provide!
Submitted April 25, 2021 at 08:11PM by economicoxygen https://ift.tt/3eydVJN
